SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 5, 2005
West Marine, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-22512 77-0355502
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
500 Westridge Drive 95076
Watsonville, California
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(Address of principal executive offices) (Zip Code)
(831) 728-2700
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(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On January 5, 2004, West Marine, Inc. announced its net sales for the five-week
period ended January 1, 2005, for the 13-week period (fourth quarter) ended
January 1, 2005 and for the 52-week period ended January 1, 2005. A copy of this
press release is attached hereto as Exhibit 99.1
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99.1 Press Release dated January 5, 2005
(furnished pursuant to Item 2.02 of Form 8-K)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEST MARINE, INC.
Date: January 6, 2005 By: /s/ Eric Nelson
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Eric Nelson
Senior Vice President and
Chief Financial Officer
Exhibit 99.1
Contacts: West Marine, Inc.
Eric Nelson, Senior Vice-President and Chief Financial Officer
(831) 761-4489
Russell Solt, Director of Investor Relations
(831) 761-4229
WEST MARINE REPORTS DECEMBER 2004 SALES
WATSONVILLE, CA, January 5, 2005 - West Marine, Inc. (Nasdaq: WMAR) today
reported that net sales for the five weeks ended January 1, 2005 were $45.7
million, a 14.0% decrease compared to net sales of $53.1 million for the
six-week period a year ago. Comparable store net sales for the five weeks ended
January 1, 2005 decreased 5.3% compared to the similar five-week period a year
ago.
Net sales for the thirteen weeks ended January 1, 2005 were $117.5 million, a
decrease of 5.5% from net sales of $124.3 million for the fourteen-week period a
year ago. Comparable store net sales for the latest quarter decreased 3.3 %
compared to the similar thirteen-week period a year ago.
Net sales for the fifty-two weeks ended January 1, 2005 were $682.4 million, an
increase of 3.3% from net sales of $660.3 million for the fifty-three week
period ended January 3, 2004. Comparable store net sales for the year increased
0.3% compared to the similar fifty-two week period for the prior year.
Eric Nelson, CFO of West Marine, said, "Sales for December were softer than we
anticipated, especially in our Northeast region. However, because December gross
margins were better than expected, we are on target to reach the low- to
midpoint of our 2004 earnings guidance of $1.25 to $1.28 per share, which
represents a significant increase over earnings of $0.99 per share last year.
We also remain comfortable with our previous earnings guidance for 2005, ranging
from $1.49 to $1.53 per share."
West Marine, Inc. is the nation's largest specialty retailer of boating
supplies, with 375 stores in 38 states, Canada and Puerto Rico, and more than
$680 million in annual sales. The Company's successful catalog and Internet
channels offer customers approximately 50,000 products - far more than any
competitor - and the convenience of being able to exchange catalog and Internet
purchases at its retail stores. The Company's Port Supply division is the
country's largest wholesale distributor of marine equipment serving boat
manufacturers, marine services, commercial vessel operators and government
agencies.
Special Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934. These forward-looking
statements include, among other things, statements that relate to West Marine's
future plans, expectations, objectives, performance, and similar projections, as
well as facts and assumptions underlying these statements or projections. Actual
results may differ materially from the results expressed or implied in these
forward-looking statements due to various risks, uncertainties or other factors.
Risks and uncertainties include the Company's ability to increase sales at its
existing stores and expand through the opening of new stores, competitive
pricing pressures, inventory management and shrink issues, the market share
erosion faced by the Company's Direct Sales division as West Marine and its
competitors open new stores, weather-related issues, the level of consumer
spending on recreational water sports and boating supplies, fluctuations in fuel
prices and other risk factors described from time to time in West Marine's
filings with the Securities and Exchange Commission, including West Marine's
quarterly report on Form 10-Q for the period ended October 2, 2004. West Marine
assumes no responsibility to update any forward-looking statements as a result
of new information, future events or otherwise.